Unlimited Savings, No Access

EmilyMac

Hi, I'm hoping to find or open a savings account that I can put unlimited funds into that I can either not have access to or its very difficult to access. I have an excellent credit score, own my home etc but I am really struggling to save while also paying for my home. All accounts I have found limit what I can put in per month or otherwise I can just transfer between accounts. 

DireEmblem

Have you thought about trying an App that tried to help you save without noticing?

Chip/Plum/Tandem come to mind.

mazzetti

Your best bet is to open a notice account which does not allow you to withdraw unless you give for example 30, 60, 90 or 120 days notice maybe even 180 days notice

Google should help you find these accounts but for example aldermore have 120 day notice account others might include charter Savings Bank or Paragon bank

grumiofoundation

Regular savers may be worth a look, higher interest rates and money locked away/hard to access for 12 months. Fixed rate or notice savers (as above) may also be good. 

Other option, if you are worried you are going to just spend the money, and you won't need access to it is to overpay your mortgage.

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/?utm_expid=.Hfw0xkFQRlic5MJ8Qrue7A.0&utm_referrer=https%3A%2F%2Fwww.google.com%2F

I would be wary of using auto-savings apps as mentioned above without properly understanding how they work. Is the possibility of being suckered into thinking spending = savings (based on anecdotal evidence people who think buying a £2.50 coffee 'saves' them 50p). Generally they are only really useful for people who spend based on the balance of their bank account so removing this money is good for them. 

Malthusian

Pension contributions if you're under 55?  Are you maximising employer contributions?

Have you considered overpaying the mortgage?

Fixed term bonds are often suggested in this situation, but they don't solve the problem, just defer it.

eskbanker

EmilyMac said:

I am really struggling to save while also paying for my home

Sounds like you're falling into the trap of trying to address the symptom rather than the cause by looking at restricting access to savings - if you feel you should have enough surplus money to save but are spending it instead then that's probably more of a willpower and/or budgeting issue, so consider monitoring exactly what you're spending your money on and making the necessary changes if you're motivated to do so....

xylophone

By how much does your income exceed what you must spend on mortgage, council tax, insurance, utilities etc?

What are you doing with the money?

darkidoe

Overpay your mortgage. Very difficult to access capital as you will need live in you house.